Compensation is the remuneration received by an employee in return for his/her contribution to the organization. Compensation Management is the practice of providing monetary and often non-monetary benefits to employees.. Compensation Management Functions & Features are an important module of the comprehensive HCM RFP Template.
The HCM RFP template with Compensation Management Functions & Features for HCM is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 1430 decision criteria.
The HCM RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to HCM software vendors. It ensures for:
complete response from each HCM software vendor
deep and accurate evaluation of submitted HCM proposals
impartial side-by-side comparison of HCM solutions evaluated
rational and documented selection of the best matching HCM system
The HCM software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the HCM solutions from scratch.
Functionality below includes Generates merit matrices and management reports to help with salary planning;Analyzes cost-effectiveness of employee compensation programs;Generates reports of payees' compensations that were based on rate tables;Generates reports of payees' compensations that were based on commission schedules;Compensation statements can be exported as different digital formats;. Compensation Analytics and Reporting, Compensation Management Functions & Features
Major modules covered Automatically calculates earned compensations;Automatically calculates accrued compensations;Automatically calculates paid compensations;Calculates seasonal bonuses;Calculates SPIFs (incentive for new business opportunities brought);Pay additional amounts for performance above a set percentage or level;. Compensation Calculations, Compensation Management Functions & Features
Major modules below include HR "budgeting" for overall and departmental headcount and salaries;Manages bonuses;Manages gainsharing;Manages incentive wage systems;Uses dollars as a performance measure rule to manage compensation;Uses units as a performance measure rule to manage compensation;. Compensation Modeling, Compensation Management Functions & Features
TEC Advisor can save you up to 90% of the time you would have otherwise spent figuring out on your own which HCM solution is the best for your needs.